Porsche, Ferrari fast becoming new art of investments for the rich
Investors jittery of the volatile equity markets appear to increasingly train their attention on an unlikely but viable investment vehicle.
That vehicle, according to insurance firm Aviva, literally comes in the form of luxury sports cars with Porsche leading the way and other high-end brands such as Aston Martin, Bentley, Ferrari, Jaguar and Rolls Royce closely following suit.
In the United Kingdom, Britons flushed with cash and in search for investment prospects seem to be fixated on owning the pricey cars not only to satisfy their taste for elegance but also to ensure possible returns in the future.
To be sure, the Aviva survey said that luxury car owners in UK rarely exceed the 8000 kilometre per year usage mark of their vehicles, clearly signifying that the money plunked down on any specific unit was aimed for investments and not merely the dictates of whims.
Also, the survey said that most of these luxury car owners maintain up to 30 prestige cars with an average value of more than $500,000 for each unit and clearly signalling the price that future investors in Australia and the United States have to pay to follow the British lead.
Aviva said that almost all prestige cars belonging to the collectibles of these wealthy owners are no more than two years old and close to 90 percent of luxury owners are expectedly male, with preferences on Porsche, Bentley, Aston Martin and Ferrari.
Aviva's Scott Leonard was quoted by the Sydney Morning Herald as saying that "the popularity of owning a collection of high-value cars is growing among the wealthy of the population generally."
That survey, according to Leonard, effectively dismissed popular notion that owning expensive sports cars are confined only to the realms of rock stars and hugely popular football players.
The Aviva survey effectively lined up Porsche and Ferrari with art collections such as Picassos as new investment options for the wealthy not only in UK but also for Australians and Americans seeking to someday earn on their guilty pleasures.